The Switzerland is highly advanced free market economy. The Swiss Bank industry and tourism play key role in development of national economy. In the year 2017, Switzerland was ranked 1st in world by Global Competiveness Report and in 2015 by Global Innovation Index. In 2016, Switzerland was ranked 3rd richest landmark in the world after Liechtenstein and Luxembourg by United Nations.
The Switzerland is primary exporter of high class clocks and watches. Swiss companies’ yields world’s utmost extraordinary watches. In year 2011, exports of clocks and watches added 19.3 billion to national economy. Switzerland also have most competitive pharmaceutical market in world. According to CIA World Factbook, Switzerland is 18th largest importer and 20th largest exporter in the world.
The Germany is major trading partner of Switzerland. In year 2017, Switzerland’s 20% of imports and 17% of its exports came from Germany. After Germany, United State is 2nd largest destination of imports (7.8%) and exports (10% of total exports). Next largest imports and exports destinations include China (imports 4.8% and exports 9.2%). Major exports destinations include India 7.3%, Hong Kong 5.4%, France 5.4%, Italy 4.4% and United Kingdom 4.5% while major sources of imports are United Kingdom, Italy, France, China, Hong Kong and United Arab Emirates.
Switzerland is member of many international organizations including World Trade Organization, International Monetary Fund, and United Nations, Organization for Economic Co-Operation and Development and World Bank.
According to the projections from trading economics and official data of World Bank, gross domestic product Switzerland was worth 716 billion US dollar in 2019. Gross domestic product Switzerland represents 0.59% of global economy.
The official data of gross domestic product Switzerland is released on quarterly basis at 05:45 GMT by Swiss Federal Statistical Office.